The market has gone better but the most important thing that stands out for Litecoin (LTC) is its acceptance by Venezuela Crypto Remittance Platform. This collaboration has mounted the price of LTC in the market.
Venezuela’s political and economic conditions are not in a good state and in the recent past, the government of Venezuela has adopted different digital assets for buying and selling of goods. So, to reduce inflation and run the country, they are moving towards cryptocurrencies. So, that is why the government of Venezuela has decided to launch a government based crypto remittance service. The users would be allowed to send Litecoin (LTC) and Bitcoin (BTC).
The crisis in Venezuela has got severe and due to economic issues, the government has not a better option to move towards the crypto platform. The platform of Remesas, which is a new service which is being provided by the Patria platform. This platform provides the people of Venezuela to have social protection while having a secured and guaranteed financial inclusion.
The basic objective of the Remesas platform is to allow users to settle payments who live abroad with the receivers in Venezuela. As per the law of the country, under the Patria platform, the receiver would obey the rules and lie under certain specifications.
There has been a lot of distress among Venezuelan people and they are suffering from US sanctions and other political issues. So, these digital assets like LTC, are doing humanitarian work rather than growing their business. Well, as from a technical point of view it will obviously grow its demand and increase its trading volume in the market. Despite all these things humanity is much bigger and that is what cryptocurrency has brought to such regions across the globe.
Analyzing the market, Litecoin (LTC) surged up to almost 18% in the last 24 hours, but at the time of writing, it was rising at a rate of 5%. LTC has massively gained due to its acceptance all over Venezuela. Currently, LTC was trading with a price of $54.81 USD with a market cap of $3.3 billion and a trading volume of $2.1 billion. Litecoin has proven to be a worthy asset, and those HODLing LTC coins could really gain from it in the future bull market.